How To Become Rich & Wealthy?
Start Your SIP in Mutual Funds.
Rich & Wealthy People are the ones who start early and stay invested through the panic times, Wealthy not by number, Wealthy by attitude – if you are not having an attitude of being wealthy than you can never be one – It’s harsh but reality.
Route of Mutual Funds SIP
Many of you are investing in mutual funds especially equity mutual funds mostly through the SIP route.
First of all the selection of fund remains a big question in everyone’s mind, Secondly staying invested during the panic times.
Well it is very crucial to stay invested during panic times but the enormous wealth is created only on the money being invested during panic times – Yes, I’m talking about new investments or top-ups during panic times.
You might be thinking, Are you out of your mind Gurpreet? In panic times I was thinking about redeeming my earlier investments and you are talking about investing more?
Well Yes! In fact, Invest more during panic times than the amount you did earlier. This will improve your overall portfolio performance.
The one who invests and spends the leftover of their earnings and starts this process very early in their life and stays invested during the panic times is the one living with a real attitude of being wealthy and also becomes wealthy by number too.
Selection & Continuation of SIP
Now the question that remains unanswered yet is that, Selection & Continuation of SIP in a Fund.
Well, look for consistent performing fund and step out of the continuous underperforming fund, it is true that we should stay invested during the worst times too but only when markets are not performing well, not when the fund is not performing well.
You should never continue with a fund that is not able to outperform its benchmark for the last 3 years.
Reading Fund Manager Interviews, his outlook towards markets, sectors, and overall management style can add a key point to take your decisions too.
So, Start with having an attitude of being wealthy, start early, and stay invested during panic times. These 3 powerful yet simple steps to become rich & wealthy.
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Hi, I’m Managing Director at Gurpreet Saluja Financial Services where I help my investors to invest in mutual funds and achieve their financial goals. I’m also a Value Investor and here I write about Personal Finance & Investing.
